Condos become popular as the first-home options of people. But in the past, some consider single-family homes as their first option. Actually, these are an alternative for home buyers who are just starting to live on their own.
Now, new stats are showing that condos are beating single-family homes in 3 factors: percentage of the list price achieved, time that it lasts on the market and the median value. The following are 3 of the things that emphasize why condos are gaining popularity than single-family homes:
1. Massachusetts real estate states that condos are sold at an average pace of 25% faster than other single-family homes. This is also the stat based from the ones gathered in 2015.
As condos can find a buyer in a span of 68 days, single-family homes would have to wait 85 days or over 6 six weeks before settling with a decent and sure buyer.
2. The selling prices of Condos are closer to the original listing prices than those of single-family homes.
Condominium units are at exactly around 98.2 % of the listing price while single family homes are around 95.8 %.
3. Condominium units are generally affordable, yet the gap is barely dramatic.
The median prices for condos within Massachusetts fall exactly at $320,000 in the year 2015. Contrary to this, the median prices for single family homes are at around $342,000. And, the Boston real estate industry in Suffolk County shows that condo units are on top of the single –family homes when it comes to the prices.
The median Boston condo prices have increased to over 9% to $490,000 in 2015. This is also the same with the neighboring cities such as the Chelsea and Revere. As per the median Boston house prices of single family homes in Suffolk County, these rose to over 4.8% that hit $421,000.
These are only a few of the factors that usually affect the decision of people. This is especially in terms of choosing condos over single-family homes.
The Shifting Preferences
Most of the young families and empty nesters nowadays are searching for newly-renovated properties. This is because these are a lot easier to find in the condo market.
Apart from young families, there are also baby boomers who find condo units as a great option after selling their homes. This is also right after their children start living their separate lives. This is in particular with those whose children went off to college. They also want something that is ready. And this way, they can immediately move in without setbacks.
Are you in the middle of planning of buying a house in Boston? Or, are you just after purchasing a condo unit? If so, you may want to get some assistance from the experts of Lexwin Realty LLC. They can best explain any of your concerns including other great options to choose on properties.
Now, you have learned the reasons why condos are trendier than single family homes in Massachusetts!